In the next three months Israel will know when the country will start the production of natural gas, said Wednesday, new Ambassador of Israel to Nicosia Michael Harrari. Israeli Ambassador was speaking to journalists after a meeting he had with Deputy Director and Chief Editor of Cyprus News Agency George Penintaex at the offices of

Germany's economy rebounded last year at its fastest pace since reunification but consumer spending stayed modest, leaving analysts and other euro zone states hoping a more balanced recovery would take hold this year. Gross domestic product (GDP) grew by 3.6 percent, preliminary Federal Statistics Office data showed on Wednesday, bouncing back from a 4.7 percent

Europe must improve political coordination in order to provide more stability for the euro currency, German Chancellor Angela Merkel said on Wednesday. Merkel was speaking after the European Union's top economic official, Olli Rehn, called for a stronger safety net for the euro, and Portugal, seen as the next candidate for a bailout, passed a

People fined for traffic offences will be able to pay for their fines through the internet as of today, Chief of police Michalis Papageorgiou has announced. Speaking at a news conference, Papageorgiou said the traditional way of paying traffic violation fines at police stations will be terminated in a month. The payment can also be

The European Union's top economics official called on Wednesday for a strengthening of Europe's financial safety net as Portugal, widely seen as the next candidate for a bailout, returned to the market for funds. The euro zone's two main powers, Germany and France, praised Lisbon's austerity measures but said it needed to convince investors it

Massive floods shut down the centre of Australia's third-largest city, sent thousands fleeing from their homes and sparked panic buying of food on Wednesday as rescuers searched for 51 people missing in floodwaters. Australia's biggest floods in a century have so far killed 16 people since starting their onslaught across northern mining state Queensland last

Trying to quit smoking as part of New Year's resolutions? Personalized phone counselling along with web-based guidance may help, according to a study. About one in five adults in the U.S. smokes, and about half of those who don't quit will die from the habit, according to the U.S. Centers for Disease Control and Preventing,

The euro rose weakly against the dollar on Wednesday while Asian stocks edged higher, but investors were increasingly nervous ahead of a key bond sale by ailing euro zone member Portugal later in the day. Eyes are on Lisbon's first debt auction of the year, when it is due to tap bond investors for around

A final decision by the European Commission regarding the Direct Trade regulation will be taken in pace with the European Parliament’s final decision on the subject, EC President Jose Manuel Barrroso notes. Responding to a question posed by Cypriot MEP Eleni Theocharous, Barroso says he takes note of the European Parliament’s Legal Affairs Committee decision.

* All eyes on Portugal Greece on Tuesday sold six-month money at just under the rate of its bailout loans, clearing its first funding hurdle of 2011 as markets focused on a looming bond sale by the euro zone country viewed as next in line for a rescue. Portugal, under increasing pressure to seek a